Monday, December 11, 2023

The US has penalized two oil tankers for transporting Russian crude oil above the maximum price

The United States has imposed sanctions on two owners of tankers carrying Russian crude above the G7 price cap of $60 a barrel, one based in Turkey and the other in the United Arab Emirates, it said on Thursday. the Treasury Department.

The United States, other G7 countries and Australia imposed the limit last year, aimed at reducing Russia’s revenue from offshore oil exports as part of sanctions over its invasion of Ukraine.

The cap bars Western companies from providing maritime services, including insurance, financing and shipping, to Russian offshore oil exports that sell above $60 a barrel, while also seeking to keep crude flowing. in the markets. Limits were also imposed on two petroleum products.

The administration of President Joe Biden imposed sanctions on the Turkish company Ice Pearl Navigation SA, owner of the Yasa Golden Bosphorus, which, according to the Treasury, brought Russian crude oil ESPO at a price of more than $ 80 per barrel after the limit was implemented in December last year.

Washington also imposed sanctions on UAE-based Lumber Marine SA, owner of SCF Primoyre, which the Treasury said was transporting crude oil to Russia’s Novy Port at prices above $75 per barrel.

The two tankers, which stopped in Russia, used US-based service providers while carrying crude oil of Russian origin, the Treasury said.

“Because of the measures we announced today, and the additional measures we will take in the coming weeks and months, these costs will continue to rise and Russia’s ability to continue its barbaric war will continue to be weakened, ” a senior official told reporters in. a call to the Treasury, who spoke on condition of anonymity.

The global price of crude oil has risen to $85 per barrel in recent months due to reduced production and low excess global pumping capacity. This has helped limit the effectiveness of the cap, but measures to restrict its use will make it more effective, according to people who advise the Treasury.

World Nation News Desk
World Nation News Desk
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